I have an R4 gold plus with the latest kernel. All other roms I've tried work, but this one gets stuck on a red loading screen before the rom can boot. Same results on black and white 2. I've tried turning off reset in game. I've tried enabling cheat in game and selecting the cheat codes named 'Game enabler code' and something that claims to be a 'fix' though to what I'm not sure. All googling has led nowhere.
Backup your SD card, then format the SD card with an "allocation unit size" of 8192 bytes, it should fix loading issues on larger roms:
Nearly 5 years later I just registered an account to confirm this solved my problem as well, thank you.